What is the Project Management Life Cycle?

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What is the lifecycle of project management?

A project is guided through the project management life cycle, a step-by-step structure of best practices. It offers project managers a careful approach to planning, carrying out, and completing a project. project management training aims to equip the participant to handle each of the five stages of the project strategy implementation.

The five phases of the project management process are initiating, planning, executing, monitoring & controlling, and closing. A project team boosts the chances of success by following each one of these stages.

The project management life cycle gives initiatives structure and resources to increase their likelihood of success. The project management life cycle outlines the processes for project managers to oversee a project from beginning to end successfully.

The project management life cycle contains five stages. For a project to be successful, several interrelated processes must occur during each of these project phases.

What are the project management life cycle's five stages?

  1. Initiating phase

The project charter and the stakeholder registry are two different activities that comprise the beginning phase of the project management life cycle. This phase aims to decide on the project's vision, outline your goals in a business case, and obtain sanction from a sanctioning stakeholder.

 The project is established in its initial phase. The project's objectives, scope, available resources, and team member roles are determined during the initial phase. 

The future of the project depends on this phase, without clarity regarding what must be accomplished and why the project runs the danger of failing to meet stakeholders' expectations and the project's final goals.

The following are the main elements of the project charter:

  • Business Argument
  • Project horizon
  • Deliverables
  • Objectives
  • Required materials
  • Timeline and milestones
  • Cost projection
  • Issues and dangers
  • Dependencies

The following are some of the phases of initiation:

  • Interacting with stakeholders to ensure that they are aware of the project's goals and intended results
  • Defining the project's scope
  • Establishing SMART objectives 
  • Defining resources, such as spending limits and deadlines
  • Team size and roles to be confirmed
  • Deciding who the project's stakeholders will be and how frequently they will participate
  • Assembling a project charter and proposal
  1. Planning phase

Outlining and defining the project's purpose should be done initially during the planning phase.

You'll decide the steps to accomplish the project goals during the planning phase—the "how" of project completion.

 Choosing what to do with your team members is the planning phase's equivalent of gathering your forces during the initiation phase. This step includes estimating and forecasting risk, implementing change management procedures, and laying communication guidelines. Setting up spending limits, deadlines, checkpoints, and the sources and required paperwork is included in the phase.

The following actions can be part of the planning phase:

  • Choosing the milestones that will help you reach your goal-
  • Creating a schedule including time estimates and potential time allowances for tasks and milestones
  • Putting in place change processes
  • Deciding on a communication strategy and frequency with the team and stakeholders
  • Drafting and signing documents like requests for proposals (RFPs) or non-disclosure agreements (NDAs) (RFPs)
  • Making a risk register as a means of risk assessment and management
  • Launching a project by holding a kick-off meeting
  1. Executing phase

The following crucial components should be included in the execution phase:

  • Team building
  • Participant involvement
  • Assurance of quality Communications
  • Management of clients

A project's execution includes carrying out your plan and directing the crew. The main part includes monitoring and measuring progress, maintaining quality, reducing risk, managing the budget, and using data to guide your decisions.

Possible actions in detail are:

  • Monitoring job progress with instruments like burndown charts or GANTT diagrams
  • Taking action when hazards present themselves
  • Tracking expenses
  • Maintaining the focus and motivation of the squad
  • Keeping everyone involved in the process informed
  • Incorporating modifications through change requests
  1. Monitoring and controlling phase

When in the monitoring and controlling phase, you must ensure that you can monitor both the project's general progress and specific components. You must always be on guard and stay current with the team's tracking and reporting to be aware of any possible issues before they go out of control.

Another project team member serving as a quality controller or reporter can assist you in maintaining track of everything in their team and hold regular meetings to update on all areas, keeping everyone on track.

  1. Closing phase

The closure phase is the last stage of a project's life cycle. It involves marking the project as completed and ending the endeavor. It's important to formally close the project and get the client's, stakeholders, and project sponsor's consent.

You'll wrap up project activities during the closing phase of the project management life cycle, hand the final good or service on to the new owners, and evaluate what went well and what didn't. It will also be an occasion to recognize your efforts.

The following are possible actions in the closure phase:

  • Conducting retrospectives and making notes of adjustments you can make later
  • Letting stakeholders know when the project is finished and distributing an impact report
  • Interacting with a project's new owners
  • Making a report to close out a project
  • Celebrating the project's completion and your accomplishments

It's impossible to overestimate the significance of this latter phase of a project management life cycle, especially as more businesses embrace the Hollywood style of labor, in which temporary teams are assembled for one project, then split up and reassembled for another. This is crucial for workgroups, especially those with independent contractors or consultants.

Conclusion

The Project Managers Institute (PMI) developed the project management life cycle, regarded as the best method for successfully completing a project.

The project can be successfully finished by working through the five phases as a team, even though they can be difficult.

Your career will be a continuous process of learning how to master every phase of the project management life cycle. Learning the formal parts of the process—the tools, stages, and vocabulary—can help you succeed in your early days as a project manager.

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